Earnings release
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Investor Contact: Jay SpitzerInvestor.Relations@Adtalem.com+1 312-906-6600 Media Contact:Maureen BenderAdtalemMedia@Adtalem.com +1313-319-4732 ADTALEMGLOBAL EDUCATION FIRSTQUARTER FISCAL YEAR 2026RESULTS; MAINTAINS FISCALYEAR 2026 GUIDANCE Totalenrollment up 8.0% YoYRevenue up 10.8% YoY Dilutedearnings per share $1.67;Adjusted EPS $1.75, growth of35.7% YoY FIRST QUARTERHIGHLIGHTS • Total studentenrollment 97,359, up 8.0% year-over-year • Revenue $462.3million, up 10.8% year-over-year• Chamberlain Universityachieved eleventh straightquarter of total enrollmentgrowth, up 2.2% year-over-year •Walden University achieved ninthstraight quarter of totalenrollment growth, up 13.6%year-over-year, highest totalenrollment in university history •Medical & Veterinary segmentachieved third straight enrollmentcycle growth, up 2.4% year-over-year • Sustaining momentum,GAAP net income $61.8 million;adjusted EBITDA $112.0 million,up 15.8% year-over-yearCAPITAL ALLOCATION •Repurchased $8 million ofshares in the first quarter, $142million remaining under $150million Board-authorized sharerepurchase program throughMay 2028 • Increased revolvingcredit facility by $100 million to$500 million, extended maturityto August 2030 • Repaid $50million of outstanding Term LoanB balance on Oct. 29, 2025 • Netleverage 0.6x as of Sept. 30,2025 FISCAL YEAR 2026GUIDANCE • Revenue $1,900million to $1,940 million •Adjusted earnings per share$7.60 to $7.90 INVESTOR DAY2026 • The company isannouncing that it will host anInvestor Day on Tuesday, Feb.24, 2026 “We delivered anoutstanding start to Fiscal Year2026—adjusted EPS up 35.7%and revenue up 10.8% - markingour ninth consecutive quarter ofenrollment growth. With netleverage at 0.6x and strong freecash flow, we’re executing adisciplined capital allocationstrategy that balances growthinvestment with shareholderreturns. We look forward tosharing our strategic vision andcapital allocation framework atour Investor Day in February.Our focus remains singular:creating sustainable, long-termshareholder value by serving asessential talent infrastructure forAmerica’s healthcareworkforce.” — STEVE BEARD,Adtalem Chairman & ChiefExecutive Officer Exhibit 99.1
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FINANCIALHIGHLIGHTSSelected financialdata for the threemonths endedSept. 30, 2025: •Revenue of $462.3million increased10.8% comparedwith the prior year• Operatingincome of $85.5million, comparedwith $70.2 millionin the prior year;adjusted operatingincome of $90.3million, comparedwith $75.8 millionin the prior year •Net income of$61.8 million,compared with$46.2 million in theprior year;adjusted netincome of $64.9million, comparedwith $50.5 millionin the prior year •Diluted earningsper share of $1.67,compared with$1.18 in the prioryear; adjustedearnings per shareof $1.75,compared with$1.29 in the prioryear • AdjustedEBITDA of $112.0million, comparedwith $96.7 millionin the prior year;adjusted EBITDAmargin of 24.2%,compared with23.2% in the prioryear BUSINESSHIGHLIGHTS •Adtalem continuesto accelerate its AIintegration througha partnership withGoogle Cloud toco-develop acomprehensive AIcredentialsprogram—the firstof this scale thatwill be designedspecifically forhealthcarestudents andpracticingclinicians—reaching studentsacross the nation'slargest healthcareworkforce pipeline.• ChamberlainUniversityexpanded itsPractice Ready.SpecialtyFocused.® (PRSF)model to addressthe criticalshortage of post-acute care nursesthrough apartnership withthe AmericanAssociation ofPost-Acute CareNursing(AAPACN). Thenew specializationjoins existingPRSF tracks –including criticalcare, emergency,home health,nephrology,oncology, andperioperativenursing –positioningChamberlain tomeet the evolvingneeds of thehealthcareworkforce. •ChamberlainUniversity isaddressing criticalnursing shortagesthrough itsBachelor ofScience in Nursing(BSN) OnlineOption, whichprovides flexible,experientiallearning tostudents in 36states. Sincelaunching fouryears ago, theprogram hasgrown to morethan 4,000currently enrolledstudents and nowpartners with 67clinical sitesnationwide. •Walden Universitystreamlined itsprofessionaldoctoral programs,enhancing itsstudentexperience. Theupdated structurefeatures asimplified, singletuition price pointand integrates theBelieve & AchieveScholarship® tosupportaffordability. Anewly designedcapstone processthat now enablesstudents to buildtoward degreecompletionthroughout theirstudies –reinforcingWalden’scommitment toinnovation,accessibility andacademicexcellence. • RossUniversity Schoolof Medicine(RUSM) andAmericanUniversity of theCaribbean (AUC)expanded accessto medicaleducation throughnew partnerships:AUC’s Universityof Lancashirecampusannounced a newpartnership withUniversity ofWolverhamptonproviding directadmittance to AUCfor prospectivestudents; RUSMpartnered with aleading Indianhigher educationinstitution creatinga pathway forprospectivestudents throughthe AdvancedMedicalPreparation (AMP)program; and AUCand RUSMcollaborated withScribeAmerica,creating theMedPath program,designedspecifically forexisting frontlinehealthcare workersto advance intomedical school.
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SEGMENTHIGHLIGHTSChamberlain $ inmillions ThreeMonths EndedSeptember 30,2025 2024 %Change Revenue$179.2 $167.96.7% OperatingIncome $25.6$26.0 (1.4)% Adj.Operating Income$25.6 $27.8(8.0)% Adj.EBITDA $35.1$37.0 (5.1)% TotalStudents1 39,84638,987 2.2% •Total studentenrollmentincreased 2.2%compared with theprior year, drivenby growth in pre-licensure nursingpartially offset bypost-licensureprograms. Walden$ in millions ThreeMonths EndedSeptember 30,2025 2024 %Change Revenue$190.0 $161.517.6% OperatingIncome $53.3$39.8 33.7% Adj.Operating Income$56.1 $42.6 31.5%Adj. EBITDA $61.9$47.8 29.5% TotalStudents1 52,21645,979 13.6% •Total studentenrollmentincreased 13.6%compared with theprior year, drivenby growth inhealthcare andnon-healthcareprograms. Medicaland Veterinary $ inmillions ThreeMonths EndedSeptember 302025 2024 %Change Revenue$93.1 $88.0 5.9%Operating Income$16.7 $14.7 14.0%Adj. OperatingIncome $16.8$14.7 13.9% Adj.EBITDA $21.4$19.2 11.6% TotalStudents1 5,2975,174 2.4% • Totalstudent enrollmentincreased 2.4%compared with theprior year, drivenby growth inmedical andveterinary.
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FISCAL YEAR 2026OUTLOOK Adtalemmaintains guidance for fiscalyear 2026, with revenue inthe range of $1,900 million to$1,940 million, approximately6.0% to 8.5% growth year-over-year. Adjusted earningsper share to be in the rangeof $7.60 to $7.90,approximately 14.0% to18.5% growth year-over-year.INVESTOR DAY 2026Adtalem is announcing ourupcoming Investor Day,scheduled for Feb. 24, 2026.Additional information can befound atinvestors.adtalem.com.CONFERENCE CALL ANDWEBCAST INFORMATIONAdtalem will hold aconference call to discuss itsfirst quarter fiscal year 2026results today at 4:00 p.m. CT(5:00 p.m. ET). The call canbe accessed by dialing +1877-407-6184 (U.S.participants) or +1 201-389-0877 (internationalparticipants) and stating“Adtalem earnings call” or byusing conference ID:13756230. The call will besimulcast through theAdtalem investor relationswebsite at:https://investors.adtalem.com.Adtalem will archive a replayof the call for 30 days. Toaccess the replay, dial +1877-660-6853 (U.S.) or +1201-612-7415 (international),conference ID: 13756230, orvisit the Adtalem investorrelations website. ABOUTADTALEM GLOBALEDUCATION Adtalem GlobalEducation is the largestprovider of healthcareeducation in the U.S.,shaping the future ofhealthcare by preparing adynamic workforce with high-quality academic programs.We innovate educationpathways, align with industryneeds and empowerindividuals to reach their fullpotential. Our commitment toexcellence and access isreflected in our expansivenetwork of institutions,serving over 97,000 studentsand supported by a strongcommunity of approximately365,000 alumni and over10,000 dedicated employees.CAUTIONARY DISCLOSUREREGARDING FORWARD-LOOKING STATEMENTSCertain statements containedin this release are forward-looking statements as definedin the Private SecuritiesLitigation Reform Act of 1995.Forward-looking statementsprovide current expectationsof future events based oncertain assumptions andinclude any statement thatdoes not directly relate to anyhistorical or current fact,which includes statementsregarding Adtalem’s futuregrowth. Forward-lookingstatements generally can beidentified by the use offorward-looking terminologysuch as “future,” “believe,”“expect,” “anticipate,”“estimate,” “plan,” “intend,”“may,” “will,” “would,” “could,”“can,” “continue,”“preliminary,” “potential,”“range,” and similar terms.These forward-lookingstatements are subject to riskand uncertainties that couldcause actual results to differmaterially from thosedescribed in the statements.Important factors that couldcause actual results to differmaterially from theexpectations expressed orimplied by our forward-looking statements aredisclosed in Item 1A. “RiskFactors,” of our AnnualReport on Form 10-K. Youshould evaluate forward-looking statements in thecontext of these risks anduncertainties and arecautioned to not place unduereliance on such forward-looking statements. Wecaution you that thesefactors, performance ordevelopments we expect oranticipate or, even ifsubstantially realized, thatthey will result in theconsequences or affect us orour operations in the way weexpect. All forward-lookingstatements are based oninformation available to useas of the date any suchstatements are made, andAdtalem assumes noobligation to publicly updateor revise its forward-lookingstatements even if experienceor future changes make itclear that any projectedresults expressed or impliedtherein will not be realized,except as required by law. Areconciliation of non-GAAPguidance measures tocorresponding GAAPmeasures is not available ona forward-looking basiswithout unreasonable effortdue to the uncertainty ofspecial items that may beincurred in the future,although these special itemscould be material toAdtalem's results inaccordance with GAAP. 1)Represents total studentsattending sessions duringeach institution’s most recentenrollment period in Q1 FY2026 and Q1 FY 2025. ###
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Adtalem GlobalEducation Inc.ConsolidatedBalance Sheets(unaudited) (inthousands)September 30,June 30, 20252025 Assets:Current assets:Cash and cashequivalents $264,691 $ 199,601Restricted cash1,494 1,563Accounts andfinancingreceivables, net194,837 146,189Prepaid expensesand other currentassets 106,19568,837 Totalcurrent assets567,217 416,190Noncurrent assets:Property andequipment, net257,357 256,131Operating leaseassets 189,762191,194 Deferredincome taxes —32,956 Intangibleassets, net762,669 765,474Goodwill 961,262961,262 Otherassets, net129,196 129,145Total noncurrentassets 2,300,2462,336,162 Totalassets $ 2,867,463$ 2,752,352Liabilities andshareholders'equity: Currentliabilities: Accountspayable $ 104,576$ 105,017 Accruedpayroll andbenefits 51,96976,374 Accruedliabilities 62,81277,286 Deferredrevenue 322,867214,091 Currentoperating leaseliabilities 34,39235,159 Totalcurrent liabilities576,616 507,927Noncurrentliabilities: Long-term debt 553,152552,669 Long-termoperating leaseliabilities 188,406186,172 Deferredincome taxes53,313 31,856Other liabilities38,352 40,103Total noncurrentliabilities 833,223810,800 Totalliabilities1,409,8391,318,727Commitments andcontingenciesTotal shareholders'equity 1,457,6241,433,625 Totalliabilities andshareholders'equity $ 2,867,463$ 2,752,352
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Adtalem GlobalEducation Inc.ConsolidatedStatements ofIncome(unaudited) (inthousands, exceptper share data)Three MonthsEnded September30, 2025 2024Revenue $462,288 $ 417,400Operating cost andexpense: Cost ofeducationalservices 200,767185,995 Studentservices andadministrativeexpense 175,734159,073Restructuringexpense 3102,094 Totaloperating cost andexpense 376,811347,162 Operatingincome 85,47770,238 Interestexpense (11,090)(14,482) Otherincome, net 2,4862,646 Income fromcontinuingoperations beforeincome taxes76,873 58,402Provision forincome taxes(15,811) (12,157)Income fromcontinuingoperations 61,06246,245Discontinuedoperations:Income (loss) fromdiscontinuedoperations beforeincome taxes 747(107) Benefit fromincome taxes 2327 Income (loss)from discontinuedoperations 770(80) Net incomeandcomprehensiveincome $ 61,832 $46,165 Earnings(loss) per share:Basic: Continuingoperations $ 1.69$ 1.23Discontinuedoperations $ 0.02$ (0.00) Total basicearnings per share$ 1.71 $ 1.22Diluted: Continuingoperations $ 1.65$ 1.18Discontinuedoperations $ 0.02$ (0.00) Totaldiluted earningsper share $ 1.67 $1.18 Weighted-average sharesoutstanding: Basicshares 36,11137,721 Dilutedshares 37,05739,109
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Adtalem GlobalEducation Inc.ConsolidatedStatements ofCash Flows(unaudited) (inthousands) ThreeMonths EndedSeptember 30,2025 2024Operatingactivities: Netincome $ 61,832 $46,165 (Income)loss fromdiscontinuedoperations (770)80 Income fromcontinuingoperations 61,06246,245Adjustments toreconcile netincome to net cashprovided byoperatingactivities: Stock-basedcompensation8,293 9,451Amortization ofoperating leaseassets 7,216 6,948Depreciation10,296 9,803Amortization ofacquired intangibleassets 2,805 2,805Amortization andwrite-off of debtdiscount andissuance costs1,145 1,113Provision for baddebts 14,88313,720 Deferredincome taxes54,413 16,456Loss on disposalsand impairmentsof property andequipment 2 107Gain oninvestments (680)(613) Changes inassets andliabilities: Accountsand financingreceivables(62,690) (56,803)Prepaid expensesand other currentassets (29,841)(7,389) Cloudcomputingimplementationassets (4,812)(7,888) Accountspayable 1,378(8,508) Accruedpayroll andbenefits (24,359)(21,501) Accruedliabilities (12,287)(8,467) Deferredrevenue 109,082106,156 Operatinglease liabilities(4,317) (7,232)Other assets andliabilities (960)(4,836) Net cashprovided byoperatingactivities-continuingoperations130,629 89,567Net cash used inoperatingactivities-discontinuedoperations (80)(251) Net cashprovided byoperating activities130,549 89,316Investing activities:Capitalexpenditures(16,023) (10,414)Proceeds fromsales ofmarketablesecurities 1002,187 Purchasesof marketablesecurities (100)(1,308) Net cashused in investingactivities (16,023)(9,535) Financingactivities:Proceeds fromexercise of stockoptions 131 9,498Employee taxespaid onwithholding shares(39,119) (10,717)Proceeds fromstock issued underColleague StockPurchase Plan 411298 Repurchasesof common stockfor treasury(7,595) (33,190)Proceeds fromissuance of long-term debt — 9,873Repayments oflong-term debt —(9,873) Paymentof debt issuancecosts (3,333) —Net cash used infinancing activities(49,505) (34,111)Net increase incash, cashequivalents andrestricted cash65,021 45,670Cash, cashequivalents andrestricted cash atbeginning ofperiod 201,164221,202 Cash,cash equivalentsand restricted cashat end of period $266,185 $ 266,872
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Adtalem GlobalEducation Inc.Segment Revenue(unaudited) (inthousands) ThreeMonths EndedSeptember 30,Increase/(Decrease)2025 2024 $ %Revenue:Chamberlain $179,201 $ 167,930$ 11,271 6.7 %Walden 189,960161,513 28,44717.6 % Medical andVeterinary 93,12787,957 5,170 5.9 %Total consolidatedrevenue $ 462,288$ 417,400 $ 44,88810.8 %
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Adtalem GlobalEducation Inc.Non-GAAPFinancialMeasures andReconciliationsWe believe thatcertain non-GAAPfinancial measuresprovide investorswith usefulsupplementalinformationregarding theunderlyingbusiness trendsand performanceof Adtalem’songoingoperations as seenthrough the eyesof managementand are useful forperiod-over-periodcomparisons. Weuse thesesupplemental non-GAAP financialmeasuresinternally in ourassessment ofperformance andbudgeting process.However, thesenon-GAAPfinancial measuresshould not beconsidered as asubstitute for, orsuperior to,measures offinancialperformanceprepared inaccordance withGAAP. Thefollowing are non-GAAP financialmeasures used inthe subsequentGAAP to non-GAAPreconciliationtables: Adjustednet income (mostcomparable GAAPmeasure: netincome) –Measure ofAdtalem’s netincome adjustedfor restructuringexpense,amortization ofacquired intangibleassets, strategicadvisory costs,write-off of debtissuance costs,debt modificationcosts, and(income) loss fromdiscontinuedoperations.Adjusted earningsper share (mostcomparable GAAPmeasure: dilutedearnings pershare) – Measureof Adtalem’sdiluted earningsper share adjustedfor restructuringexpense,amortization ofacquired intangibleassets, strategicadvisory costs,write-off of debtissuance costs,debt modificationcosts, and(income) loss fromdiscontinuedoperations.Adjusted operatingincome (mostcomparable GAAPmeasure:operating income)– Measure ofAdtalem’soperating incomeadjusted forrestructuringexpense,amortization ofacquired intangibleassets, strategicadvisory costs,and debtmodification costs.Adjusted EBITDA(most comparableGAAP measure:net income) –Measure ofAdtalem’s netincome adjustedfor (income) lossfrom discontinuedoperations,interest expense,other income, net,provision forincome taxes,depreciation,amortization ofacquired intangibleassets,amortization ofcloud computingimplementationassets, stock-basedcompensation,restructuringexpense, strategicadvisory costs,and debtmodification costs.Provision forincome taxes,interest expense,and other income,net is not recordedat the reportablesegments, andtherefore, thesegment adjustedEBITDAreconciliationsbegin withadjusted operatingincome. Free cashflow (mostcomparable GAAPmeasure: net cashprovided byoperatingactivities-continuingoperations) –Defined as netcash provided byoperatingactivities-continuingoperations lesscapitalexpenditures. Netdebt – Defined aslong-term debtless cash andcash equivalents.Net leverage –Defined as netdebt divided byadjusted EBITDA.A description ofspecial items inour non-GAAPfinancial measuresdescribed aboveare as follows: •Restructuringexpense primarilyrelated toworkforcereductions, coststo exit certaincourse offerings,and prior realestateconsolidations atAdtalem’s homeoffice. We do notinclude normal,recurring, cashoperatingexpenses in ourrestructuringexpense. •Amortization ofacquired intangibleassets. •Amortization ofcloud computingimplementationassets. • Strategicadvisory costsrelated toexpandingcapabilities andbringing newcapacities tomarket to furtherenhance ourstrategic position.We do not includenormal, recurring,cash operatingexpenses in ourstrategic advisorycosts. • Write-off ofdebt issuancecosts related to theamendment of therevolving loanfacility. • Debtmodification costsrelated torefinancing ourTerm Loan B loan.• (Income) lossfrom discontinuedoperationsincludes expensefrom ongoinglitigation costs andsettlements relatedto divestitures.
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Adtalem GlobalEducation Inc.Adjusted OperatingIncome (unaudited)(in thousands)Three MonthsEnded September30,Increase/(Decrease)2025 2024 $ %Chamberlain:Operating income $25,608 $ 25,974 $(366) (1.4)%Restructuringexpense — 1,858(1,858) Adjustedoperating income $25,608 $ 27,832 $(2,224) (8.0)%Operating margin14.3 % 15.5 %Adjusted operatingmargin 14.3 % 16.6% Walden:Operating income $53,269 $ 39,837 $13,432 33.7 %Amortization ofacquired intangibleassets 2,805 2,805— Adjustedoperating income $56,074 $ 42,642 $13,432 31.5 %Operating margin28.0 % 24.7 %Adjusted operatingmargin 29.5 % 26.4% Medical andVeterinary:Operating income $16,728 $ 14,671 $2,057 14.0 %Restructuringexpense 44 59 (15)Adjusted operatingincome $ 16,772 $14,730 $ 2,042 13.9% Operating margin18.0 % 16.7 %Adjusted operatingmargin 18.0 % 16.7% Home Office:Operating loss $(10,128) $ (10,244)$ 116 1.1 %Restructuringexpense 266 177 89Strategic advisorycosts 1,684 —1,684 Debtmodification costs— 712 (712)Adjusted operatingloss $ (8,178) $(9,355) $ 1,177 12.6% Adtalem GlobalEducation:Operating income(GAAP) $ 85,477 $70,238 $ 15,23921.7 %Restructuringexpense 310 2,094(1,784) Amortizationof acquiredintangible assets2,805 2,805 —Strategic advisorycosts 1,684 —1,684 Debtmodification costs— 712 (712)Adjusted operatingincome (non-GAAP)$ 90,276 $ 75,849 $14,427 19.0 %Operating margin(GAAP) 18.5 % 16.8% Adjustedoperating margin(non-GAAP) 19.5 %18.2 %
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Adtalem GlobalEducation Inc.Adjusted EBITDA(unaudited) (inthousands) ThreeMonths EndedSeptember 30,Increase/(Decrease)2025 2024 $ %Chamberlain:Adjusted operatingincome (GAAP) $25,608 $ 27,832 $(2,224) (8.0)%Depreciation 5,3755,368 7Amortization ofcloud computingimplementationassets 1,527 652875 Stock-basedcompensation 2,5703,119 (549)Adjusted EBITDA(non-GAAP) $35,080 $ 36,971 $(1,891) (5.1)%Adjusted EBITDAmargin (non-GAAP)19.6 % 22.0 %Walden: Adjustedoperating income(GAAP) $ 56,074 $42,642 $ 13,43231.5 % Depreciation1,940 1,682 258Amortization ofcloud computingimplementationassets 1,204 701503 Stock-basedcompensation 2,6532,740 (87) AdjustedEBITDA (non-GAAP) $ 61,871 $47,765 $ 14,10629.5 % AdjustedEBITDA margin(non-GAAP) 32.6 %29.6 % Medical andVeterinary: Adjustedoperating income(GAAP) $ 16,772 $14,730 $ 2,042 13.9% Depreciation2,820 2,569 251Amortization ofcloud computingimplementationassets 411 283 128Stock-basedcompensation 1,4101,607 (197)Adjusted EBITDA(non-GAAP) $21,413 $ 19,189 $2,224 11.6 %Adjusted EBITDAmargin (non-GAAP)23.0 % 21.8 %Home Office:Adjusted operatingloss $ (8,178) $(9,355) $ 1,177 12.6% Depreciation 161184 (23) Stock-basedcompensation 1,6601,985 (325)Adjusted EBITDA $(6,357) $ (7,186) $829 11.5 % AdtalemGlobal Education:Net income (GAAP)$ 61,832 $ 46,165 $15,667 33.9 %(Income) loss fromdiscontinuedoperations (770) 80(850) Interestexpense 11,09014,482 (3,392)Other income, net(2,486) (2,646) 160Provision for incometaxes 15,811 12,1573,654 Depreciationand amortization16,243 14,2441,999 Stock-basedcompensation 8,2939,451 (1,158)Restructuringexpense 310 2,094(1,784) Strategicadvisory costs1,684 — 1,684 Debtmodification costs— 712 (712)Adjusted EBITDA(non-GAAP) $112,007 $ 96,739 $15,268 15.8 %Adjusted EBITDAmargin (non-GAAP)24.2 % 23.2 %
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Adtalem GlobalEducation Inc.Adjusted Earnings(unaudited) (inthousands, exceptper share data)Three MonthsEnded September30, 2025 2024 Netincome (GAAP) $61,832 $ 46,165Restructuringexpense 3102,094 Amortizationof acquiredintangible assets2,805 2,805Strategic advisorycosts 1,684 —Write-off of debtissuance costsand debtmodification costs295 712 Incometax impact on non-GAAP adjustments(1) (1,224) (1,332)(Income) loss fromdiscontinuedoperations (770)80 Adjusted netincome (non-GAAP) $ 64,932 $50,524 (1)Represents theincome tax impactof non-GAAPcontinuingoperationsadjustments that isrecognized in ourGAAP financialstatements. ThreeMonths EndedSeptember 30,2025 2024 Dilutedearnings per share(GAAP) $ 1.67 $1.18 Effect ondiluted earningsper share:Restructuringexpense 0.01 0.05Amortization ofacquired intangibleassets 0.08 0.07Strategic advisorycosts 0.05 - Write-off of debtissuance costsand debtmodification costs0.01 0.02 Incometax impact on non-GAAP adjustments(1) (0.03) (0.03)(Income) loss fromdiscontinuedoperations (0.02)0.00 Adjustedearnings per share(non-GAAP) $1.75 $ 1.29 Dilutedshares 37,05739,109 Note: Maynot sum due torounding. (1)Represents theincome tax impactof non-GAAPcontinuingoperationsadjustments that isrecognized in ourGAAP financialstatements.
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Adtalem GlobalEducation Inc.Free Cash Flow(unaudited) (inthousands) TwelveMonths EndedFY25 FY25 FY25FY25 FY26 Q1 Q2Q3 Q4 Q1 Netcash provided byoperatingactivities-continuingoperations (GAAP)$ 291,820 $281,971 $ 335,069$ 333,734 $374,796 Capitalexpenditures(48,873) (50,375)(47,914) (50,327)(55,936) Free cashflow (non-GAAP) $242,947 $ 231,596$ 287,155 $283,407 $ 318,860
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Adtalem GlobalEducation Inc. NetLeverage(unaudited) (inthousands) TwelveMonths EndedSeptember 30,2025 AdtalemGlobal Education:Net income(GAAP) $ 252,732Income fromdiscontinuedoperations (5,238)Interest expense48,926 Otherincome, net(9,130) Provisionfor income taxes69,491Depreciation andamortization61,164 Stock-basedcompensation40,432Restructuringexpense 1,530Litigation reserve(5,550) Assetimpairments 6,442Strategic advisorycosts 13,684 Losson assets held forsale 490 AdjustedEBITDA (non-GAAP) $ 474,973September 30,2025 Long-termdebt $ 558,283Less: Cash andcash equivalents(264,691) Net debt(non-GAAP) $293,592 Netleverage (non-GAAP) 0.6 x